Bitcoin has hit a new high following the prospect of Donald Trump’s victory in the US presidential election.
With news of Trump’s victory, the price of the world’s most expensive cryptocurrency rose above $75,000 on Wednesday morning, the highest since hitting a record high of $74,000 in March.
With the news of a possible Trump victory, the price of bitcoin saw a surge of more than 10 percent in just a few hours.
The Republican candidate has on several occasions presented himself as the ‘crypto candidate’. He promised that if he won the election, he would establish useful regulations and a US bitcoin reserve.
Trump also vowed to end the ‘torture’ in the crypto industry by backing his cryptocurrency and to elevate the US as the ‘world’s bitcoin superpower’.
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Nigel Green, chief executive of financial firm deVere Group, told The Independent that ‘Trump’s promise to cut red tape, boost innovation and attract big investments in digital assets has attracted investors. is excited.’
According to him: ‘Many investors anticipate that Trump’s victory will clear the way for the mainstreaming of cryptocurrency and the creation of laws, which are favorable and necessary for the continued growth of Bitcoin.
In addition, Trump’s campaign, with public support from influential figures in the crypto world, has instilled a lot of confidence among technology investors. This could pave the way for the creation of pro-crypto narrative regulations, which could fuel institutional investment and propel Bitcoin to unprecedented heights.’
Nigel Green predicts that the price of Bitcoin may exceed $80,000 in the short term, but many analysts also warn about the historical volatility of the cryptocurrency.
